Jung vs Freud Essay Example for Free

Jung vs Freud Essay Sigmund Freud was known as a medical doctor, psychologist and one of the most influential thinkers of the twentieth century. His ideas attracted Carl Jung to come under the teachings of Freud. As time grew on, Jung began to reject some of Freud’s original ideas. The two share some central ideas, but the differences between them are recognizable. The religion, unconscious complex, and the therapist practices is the biggest distinction between the two scholars. Freud’s dream is retrospective, meaning that it mainly deals with past events from childhood usually sexual ideas, while Jung’s dreams were more prospective, showing what the dreamer can grow into. Freuds’s dreams usually were regarded as a manifestation of the repressed sexual urges of the unconscious. As Freud cited â€Å"Many men dream of having sexual relations with their mothers and speak of the fact with indignation and astonishment. †(pg. 475) For example, if a patient dreamt about a long object, Freud would most likely say that it represents the phallus and ultimately sex, while Jung may say that it has nothing to do with the desire to have sex at all but rather the phallic object could refer to strength or fertility. This is where Jung and Freud had their greatest difference. Jung didn’t believe that everything was based so much on sexuality while Freud did. Jung cited â€Å"The dreams are obviously reiterating the conscious standpoint minus the conscious criticism. †(pg. 491) However, this disconnect is not surprising as ultimately, all of Freud’s students and most of his fellow peers didn’t agree with his strong emphasis on sexuality ruling everything. Jung and Freud especially differ in that Jung makes humans seem like beings that can advance and grow together, while Freud makes human seem largely like barbaric beings whose only/main motivation is sex. Even though Jung and Freud had there differences, they still had the same central idea of philosophies and mind process. It was a plus for mankind that Jung began to explore the world and create ideas for himself rather than just listening to the teachings of Freud. Jung offered new thought process for people to agree on rather than everyone just following the masses.

A War On Women And Drugs Criminology Essay

A War On Women And Drugs Criminology Essay In 1986 Congress passed mandatory minimum sentencing. Federal mandatory drug sentences take the decision away from the judge and gives sentences based on: 1. The type of drug; 2. The weight or alleged weight of the drug mixture and 3. The number of prior convictions. The rise of women in prison seems to be correlated with US drug laws and policies. Many researchers argue that the war on drugs has directly become a war on women. In 1999, the Bureau of Justice Statistics documented that 1 in 3 women were likely serving time for a drug offense in comparison to 1 in 8 women in 1986. Three reasons often determine the involvement of women in the criminal justice system, the first would be a history of abuse, the second issue is disrupted family and personal relationships and finally the third is drug abuse. Women that end up in prison have usually been abused and/or battered, are economically disadvantaged, have abused drugs, and/or are minorities. Due to the circumstances just mentioned a nd stricter policies and laws regarding drugs the outcome is a drastic rise in the incarceration of women. If women are seen as victims of circumstance then they are basically adapting to the conditions of their lives and struggling to survive. The status of women in prison reflects their status in society; they are marginalized by racism and sexism. Women in prison have been damaged by the oppression of patriarchy, economic marginalization and the far-reaching effects of such short sighted and detrimental policies as the war on drugs and the over reliance on incarceration, (Owen, 2000). Female Offenders Women have become the new offender in the criminal justice system. Through the years the amount of women incarcerated has greatly risen. In 2000, there were more than 1 million women in the United States in prison, probation or parole, whereas in 1990 there were 600,000 in the same situation. The rise in the incarceration of women can be greatly attributed to US policies and laws on drugs and drug related crimes. Women are usually minimally involved in drug crimes but are severely punished due to the mandatory minimum laws in place. The war on drugs does not have laws laid out specifically for men and women, the laws are universal and apply equally to both men and women. Drug laws were originally designed for the male criminal and did not take into account the special circumstances in womens lives. These women that are being punished under the mandatory minimum drug laws are the wives, mothers, daughters, sisters, nieces, granddaughters and girlfriends of many law abiding citizens in society. These women become involved in drug crimes because of their dependence to their significant other, whether it is financially, because of fear or other extenuating circumstance. Women who become victims of mandatory minimum laws are incarcerated and subject to patriarchal sentences because the men in their lives coerced, obliged or scammed them into carrying drugs. Women in jails and prisons are often oppressed and even victimized. There are many race and gender inequalities in the criminal justice system when it comes to addressing women and their needs. Women offenders are more likely to be incarcerated now than they were at any other time in the history of the United States. The legal system has become more willing to prosecute and incarcerate women than at any other time in the history of the United States. Mandatory minimum sentencing policies for drug related offenses have increased the number of women incarcerated. According to the Sentencing Project, between 1986 and 1991 the population in state prisons for drug offenses increased by 828 percent for African-American woman, 328 percent for Latinas, and 241 percent for white women (Mauer Huling, 1995). Guilt by Association Drug laws now in place punish not only the individuals who sell the drugs, but also people who assist the drug dealer as well as people who merely know the drug dealer. Women are apprehended at higher rates in reference to the war on drugs. In many circumstances women are arrested and sentenced merely for remaining with a significant other who is involved in the drug trade industry. Women are more vulnerable than men for prosecution based on their associations rather than on their behavior. Women who are involved in the drug trade are often nominally involved and often only participate in the drug trade in order to be able to financially support their own drug habit. Some women are bullied into the drug trade because of abuse or due to financial instability. These mandatory minimum sentences are perhaps a good example of the law of unintended consequences. There is a respectable body of opinion which believes that these mandatory minimums impose unduly harsh punishment for firs-time offenders particularly for mules who played only a minor role in a drug distribution scheme. Be that as it may, the mandatory minimums have also led to an inordinate increase in the federal prison population and will require huge expenditures to build new prison spaceà ¢Ã¢â€š ¬Ã‚ ¦ Chief Justice William H. Rehnquist, U.S. Supreme Court Mandatory minimum sentences remove the discretion of the judge, therefore not allowing a judge to take into account mitigating circumstances that could reduce the harshness of the sentence. Mandatory minimum sentences require that low level offenders receive the required sentence required by statutes. Women can rarely assist in providing prosecutors with information that could assist in lessening their punishment because they are often mules, transporters and low level offenders and do no have access to valuable information needed by the prosecution. Also, many times women choose not to provide what little information they do have because of the safety of their family and children. Due to the mandatory minimum laws and the amount of information that women are able to provide they are often subject to harsher punishments than their male counterparts, who are often kingpins. Women who are sent to jail are often the primary caregivers for their children and other family members. Children depend on their mothers and when they become incarcerated the children are left improperly attended or in unstable temporary arrangements. Due to a mothers preoccupation with her children, women often wish to speed up their case by entering a plea of guilt in order to receive a lesser charge and stay out of prison or reduce her sentence. Mandatory Minimum Laws and Their Effect on Women Prisons are filled with violence therefore entrapping women in a world of cruelty and abuse that does not succeed in addressing the needs of women, such as their psychological, medical or economic needs. The dynamics that were just referenced are what originally contribute to a womans involvement in the criminal justice system; these dynamics are what originally created womens involvement with drugs. When a woman enters prison she is often times abused and revictimized therefore further damaging a woman. In prison women are often physically or sexually abused. When a woman is in prison she is unable to receive proper medical treatment. Research has noted that women in prison are subjected to physical, sexual, verbal and emotional abuse by guards and other inmates. Amnesty Internationals 1999 report, Not Part of My Sentence Violations of the Human Rights of Women in Custody, indicates that males staff, under the guise of correctional supervision, frequently watch women as they shower, use the bathroom, and dress and undress in their cells. Women are often sexually extorted while in prison for basic everyday necessities such as toothbrushes, soap, etc. A woman who is abused in prison suffers many consequences especially if she was abused in the past or suffers from any mental illness including but not limited to depression, bipolar disorder or if she is recovering from a drug addiction. Just like any woman who is abused, a woman who is abused in prison is left with severe imbedded psychological scars. Often women who are abused in prison are more severely scared than other women, some of the psychological scars that women who are abused in prison are left with are Post Traumatic Stress Disorder, Rape Trauma Syndrome, prevalent fears, nightmares and flashbacks, these scars can lead to hatred towards self, anxiety, depression, suicide and substance abuse. Women who are sexually assaulted while in prison are subject to sexually transmitted diseases and/or pregnancy which they might not get medical treatment or prenatal care for. Both male and female prisons provide poor healthcare for its inmates. Women have higher rates of medical issues than men. Women in prison receive poor medical treatment and do not receive needed medications for medical conditions such as heart conditions, depression, other mental health diseases, asthma and other medical conditions. Women often have to receive permission from guards to seek medical attention. Prisons do not have a full medical staff thus contributing to the lack of medical treatment available to women. Women who enter the prison system on drug charges are often diagnosed with depression as well as drug addiction. Some of these women are also diagnosed with bipolar, schizophrenia and other mental health conditions which are not properly treated in prison. Prisons are not equipped to properly care for womens mental health conditions and do not have the funds to provide needed counseling services. Women that are prescribed psychotropic drugs are often not given the medications correctly and instead they are given the medications as sedatives. Incarcerated women that are separated from their children suffer a great deal of trauma, these women often become depressed. Women whose mental health conditions are exacerbated due to incarceration and have a past history of drug abuse may turn to drug use while in prison in order to ease the emotional pain. Children Affected Many of the women in todays prison system have minor children. From 1991 through 1999, 98 percent of children in the United States had a mother who was imprisoned, (Bureau of Justice Statistics). It is estimated that most women in prison have two children and prior to incarceration the children resided with their mother. When women are sent to prison, children are often placed with other family members or in foster care. In terms of the War on Drugs, children are removed from the mother due to incarceration or because of a mothers addiction. If a woman is sent to a residential treatment program rather than to prison she is still separated from her children. Some residential drug treatment programs do not allow children to visit and some have age restrictions. Although each child will react uniquely to extended separation from his or her mother, researchers report that when a mother and child are separated due to incarceration, the child often grieves as if the mother has died, experi encing a grief that is unique to children with incarcerated parents, (Bloom Steinhardt, 1993). Children with an incarcerated mother tend to suffer from fear, anxiety, grief and sadness and later in life these symptoms can lead to withdrawal as well as verbal or physical aggression. Many of the children whose mothers are in prison are sent to foster homes where they have an increased likelihood of being physically, sexually and emotionally abused. When a mother is incarcerated her day to day interactions with her children are altered and significantly changed. Correctional facilities do not aid women in having relationships with their children and often due to the distance of the prison it is often times impossible for children to visit their mothers. Visiting a parent in prison is very difficult for children and visiting a mother in prison can be emotionally detrimental to children. Telephone calls from mothers to children while in prison can be very costly thus reducing the likelihood that a child will be able to speak to the parent via telephone. Few prisons offer family reunification programs for children. Incarcerated mothers and their children are not provided with counseling, parenting classes, skills training, overnight programs for mothers and children and other essential services, therefore hindering the relationship between a mother and her children. Establishing these programs in prisons would give women the opportunity to fulfill their roles as mothers and learn how to properly care for and raise their children. As more women are incarcerated due to Drug Laws the fate of children lies in the hands of the welfare system. The child welfare system is not equipped to deal with the rising number of children left without a mother due to the increasing amount of women incarcerated because of mandatory minimum laws. Mothers convicted of drug crimes are dually punished, they are punished by the judicial system and they are also punished by the welfare system who removes their children from their care and custody. The Outcome of the War on Drugs Minimum mandatory drug laws are destroying the lives of women. These laws are destroying families and childrens lives. Harsh punishment does not address the issues causing women to use drugs, to become addicted to drugs, to sell drugs, or to remain in abusive relationships with drug dealers. Many of the women arrested for drug charges are black women or poor women. Many of the drug related crimes that women are arrested for could be dealt with outside of the judicial system. The judicial system does not address the reasons why a woman becomes involved with drugs or why she risks her family in doing such. Drug dependant women should be treated rather than incarcerated. Incarcerating a woman who is dependant on drugs increases her chances of relapsing thus at the same time increasing the likelihood for mental health conditions such as depression and anxiety. Women that become involved in the drug trade industry because of coercion or abuse are punished for not turning in their partner, the individual who is physically or emotionally abusing them. The judicial system does not address the needs of children who lose their mothers to prison nor does it assist women in building a relationship with their children. A womans incarceration can lead to permanent loss of her children and can prevent her from getting any government assistance upon her release. Instead of incarcerating women because of the mandatory minimum drug laws, we should provide them with the necessary tools they need to assist them. Within a womans community there are many resources that can aid her in leaving an abusive relationship. A community also has resources to assist women in with drug dependency issues. Women need to be empowered to become successful and productive members of society. These women rather than being punished need to be provided with opportunities to better their lives and with the proper tools to be better parents. Conclusion As a society rather than investing money in prisons, we need to invest money in community resources that will assist women with drug treatment and resolving the underlying reasons that led them to drug dependence. Women involved in drug crimes because of abusive relationships need to be provided with the appropriate resources to assist them in leaving that relationship and achieving financial independence as well as emotional stability. Women need to be provided with the skills and training necessary to live productive lives in society. Rather than dealing with women in the criminal justice system as a nation we need to provide alternative resources. We have an obligation to save these women for themselves and their children. The underlying causes for womens involvement in drug crimes need to be addressed. Women need to be provided with services for drug addiction, health issues, mental health issues and abuse. Rather than placing women in prisons that were designed for men for committing a crime that they were forced into through coercion or abuse, we should place them in treatment programs designed to meet with their unique needs. Treatment programs designed for women should incorporate mothers and their children allowing for mothers to receive necessary counseling and parenting classes while actively caring for their children. Mandatory minimum laws need to be reevaluated. Women need to be punished for their part in the drug crime, not for the overall crime that they did not play part in. A woman should not be punished because of association; a woman should be punished and held accountable for her actions. A judge should be allowed to ultimately decide a womans punishment and her involvement in the drug offense being charged. Women that must be incarcerated because of their role in a drug crime should be granted the opportunity to visit with their children. Children should not be punished; they are not the ones who committed the offense. To elaborate, a woman with repeated drug charges should not be allowed reunification with her children because after the first or second charge it should be noted that this woman does not wish to learn from her original mistake. Women who are punished under mandatory minimum laws unfairly should be granted ample opportunity for reunification with their children. There is no reason to why women need to be punished for drug crimes that they did not willingly participate in. Mandatory minimum laws were designed for kingpins and drug traffickers but obviously it is not serving its purpose. The people being affected most by these mandatory minimum laws are the people with the least involvement in the crime. Mandatory minimum laws need to be reevaluated and applied accordingly. The ultimate decision on punishment should be taken away from the prosecution and should lie solely in the hands of the judge.

Symbolism in The Great Gatsby Essay -- essays research papers

Gatsby Essay Symbols are objects, characters, figures, or colors used to represent abstract ideas or concepts. For example, a dove is usually used to represent peace. In the novel The Great Gatsby, written by F. Scott Fitzgerald, Fitzgerald uses a lot of symbolism to connect the characters with each other or to other objects. Fitzgerald’s use of symbolism helps advance his thematic interest in his novel of The Great Gatsby. In the Great Gatsby, F. Scott Fitzgerald uses various colors, objects, and gestures as symbols to portray the lack of moral and spiritual values of people and the different aspects of society in the 1920's. One use of symbolism Fitzgerald uses is the green light at the end of Daisy’s dock. He uses it to represent Gatsby’s hopes and dreams for the future. In chapter one, Gatsby associates the light with Daisy when he reached toward it in the darkness, using it as his guide to lead him to his goal. The light also symbolizes the more generalized idea of the American dream since Gatsby’s quest for Daisy is associated with the American dream of love. Nick compares the green light to how America may have looked to the first people on the country. Another symbol representing Daisy are flowers. â€Å"At his lip’ touch she blossomed for him like a flower and the incarnation was complete.†(117) Flowers are a symbol for grace, beauty, and love, and coincidentally is the name of the girl whom Gatsby loves. Another thing about the light and symbolism is its color, green. Green is representing money in this novel. It could represent money, or the struggle Gatsby has between his wealth and his dreams. Fitzgerald uses quite a few colors as symbolism other than green. He uses blue to represent the dreams and t... ...ere and there in its monstrous length with triumphant hat-boxes and supper-boxes and tool-boxes, and terraced with a labyrinth of windshields that mirrored a dozen suns."(68) The Great Gatsby is a novel full of symbolism. Fitzgerald uses symbolism to represent many different ideas, and to link the character together in some sort of way. He uses colors, cars, and houses to the valley of ashes and a doctor’s eyes. They all play a significant part in the novel, and not only portray symbols for the novel, but also in real life as well. For example, the color green is used to represent money in the novel, where as in life it does as well. In The Great Gatsby, Fitzgerald shows us how society acted during the 1920’s. He provides us with views into worlds of love, money, power, and the morality of the time by using symbols with everyday objects and occurrences.

President Bill Clinton and The Lewinsky Scandal Essay -- William Jeffe

Clinton and The Lewinsky Scandal On January 17th, 1998, President Clinton videotaped a deposition for the Paula Jones lawsuit against him. December 19th, eleven months later, Bill Clinton became only the second president in our nation’s history to face impeachment from congress. The 1998-1999 was a tumultuous year for the President, the media, and the American people as a whole. Yet, the most intriguing and surprising aspect of the scandal was not that Bill Clinton would ever cheat on his wife or that his administration would survive such a terrible scandal. Nor was it a revelation that the media would be zealously intrigued by a sex scandal involving the President. The one aspect of the Lewinksy Scandal that was truly interesting was the response of the public. Despite the knowledge that Clinton had an affair with an intern and probably lied about it, Clinton’s job approval rating did not decrease or even stay the same– his ratings rose to levels approaching 70% Every time a new damning piece of evidence came to light, media pundits everywhere believed that Clinton’s ratings would fall. Yet, they were wrong. The Republican Party believed that the scandal would finally bring down Clinton and his popular support. They also were wrong and paid a considerable political price. How did this happen? To help understand and explain this phenomenon, I will examine three political actors -- the President, the media, and the public – and their relationship with each other. I will discuss President Clinton’s past and his history of scandals. The way that each actor has dealt with Clinton’s scandal-ridden past has had an important effect on how each responded to and was affected by the Lewinsky Scandal. Each actor’s res... ...Wilcox, â€Å"Public Opinion: The Paradoxes of Clinton’s Popularity†, ed. Mark J. Rozell and Clyde Wilcox, The Clinton Scandal: and the Future of American Government (Washington, D.C.: Georgetown University Press, 2000)p. 117. Ibid. Ibid. Molly W. Andolina and Clyde Wilcox, â€Å"Public Opinion: The Paradoxes of Clinton’s Popularity†, ed. Mark J. Rozell and Clyde Wilcox, The Clinton Scandal: and the Future of American Government (Washington, D.C.: Georgetown University Press, 2000) p.117. Michael J. Gerhardt, â€Å"The Impeachment and Acquittal of William Jefferson Clinton†, ed. Mark J. Rozell and Clyde Wilcox, The Clinton Scandal: and the Future of American Government (Washington, D.C.: Georgetown University Press, 2000). Robert Busby, Defending the American President: Clinton and Lewinsky Scandal (New York: Palgrave, 2001) p.47. Ibid. p.213. Ibid.

Monopolies Must be Eliminated in America :: Argumentative Persuasive Argument Essays

Monopolies Must be Eliminated in America      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In this day and age, competition (to a certain extent) is considered healthy and, in many instances, encouraged.   Every day, adults and teenagers alike struggle to outdo other well-qualified applicants in the job market.   Even children as young as four years old can be found competing on the little league field.   As one can see, competition is an integral part of everyday life; however, what happens when competition ceases to exist?   It wouldn’t be very challenging or rewarding if an applicant received every job for which he applied.   And a child wouldn’t enjoy playing baseball against himself.   Even though it is hard to imagine a world without competition, there are a number of American media businesses that have no or relatively little competition in the market.   In the best interest of the public, monopolies, as these competition-less companies are called, need to be eliminated immediately.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   According to Ben H. Bagdikian, monopolies form for two main reasons: money and influence.   It is common sense that the company with a very large number of consumers is going to produce more revenue than the small, independently owned business with a lesser number of customers.   The advertising agency Backer Spielvogel Bates recently conducted a four-year study of 2,746 companies.   This study showed that the companies with 1.5 times the sales of their nearest challengers were 52 percent more cost-effective.   Also, it is important to recognize the fact that influence also plays a key role in the motives of monopolistic companies.   It is believed that if a certain company can have a marked influence over the public’s news, ideas and culture, then this corporation will have a much better chance of wielding a significant amount of influence over the public concerning government issues.   If this certain media company can manipulate all public ideas and information, it only makes sense that this business will also make a considerable difference when it comes to political news (Bagdikian 1997). I agree with Bagdikian when he states that monopolies form due to a want for money and a need for power by influencing the public.   It is an undeniable fact that money and power influence people in numerous ways.   In an attempt to be the best, I believe that many companies simply came to the conclusion that they would have to â€Å"crush† any attempts that were made by a competing company.

Transaction, Operating Accounting Exposures

Transaction, Operating, & Accounting (Translation) Exposures Foreign Exchange Exposure – measures the potential for a firm’s profitability, net cash flow, and market value to alter because of a change in exchange rates. Q: What are the three main foreign exchange exposures? A: 1) Transaction Exposure 2) Operating Exposure 3) Accounting Exposure Transaction Exposure – measures changes in the value of outstanding financial obligations incurred prior to a change in exchange rates.Operating Exposure (Economic Exposure, Competitive Exposure, Strategic Exposure) – measures a change in the present value of a firm resulting from any change in future expected operating cash flows caused by unexpected changes in exchange rates. Accounting Exposure (Translation Exposure) – measures accounting-derived changes in owner’s equity as a result of translating foreign currency financial statements into a single reporting currency. Exhibit 8. 1 [pic] Note: In th e fourth quarter of 2001 Amazon. om reported a net income of $5 million, due in part to a one-time foreign currency gain of $16 million. Hedging – To take a position that will rise (or fall) in value to offset a change in value of an existing position. |Benefits of Hedging |Costs of Hedging | |Improved the planning capability of the firm. |Risk-averse strategy that benefits management more than | |Reduced the likelihood of financial distress. i. e. the risk that cash|shareholders. (i. e. shareholders can diversify currency risk on an| |flows will fall below what is required for debt payments and continued|â€Å"as needed† basis) | |operations) |Consumes the firm’s resources and expected cash flows to the firm | |Management has a comparative advantage over shareholders. (i. e. |are not increased. (i. e. gency theory, NPV of hedging is zero, | |understanding the currency risk of the firm and take advantage of a |and FX losses appear on the I/S while hedging are b uried in | |disequilibrium through selective hedging) |operating and interest expenses) | Transaction Exposure Transaction Exposure – measures changes in the value of outstanding financial obligations incurred prior to a change in exchange rates. Transaction exposure can arise from the following activities: ? Purchasing or selling foreign goods and services on credit. Borrowing or lending in another currency. ? Foreign exchange contracts. Exhibit 8. 3 The Life Span of Transaction Exposure [pic] Example Expect to collect ? 1,000,000 in three months on a sale, minimum acceptable value $1,700,000. Q: What type of transaction exposure has occurred? A: Billing Exposure S0 = $1. 7640/? ES90= $1. 76/? F90= $1. 7540/? iU. K. = 10% per year (2. 5% per quarter) kU. K. = 8% per year (2% per quarter) iU. S. = 8% per year (2% per quarter) kU. S. = 6% per year (1. 5% per quarter) P90ATM = $1. 75 (1. 5% premium) P90OTM = $1. 71 (1% premium)Note: ES90 is the estimated spot rate in three mont hs, â€Å"i† is the borrowing interest rate, and â€Å"k† is the investment interest rate, P90ATM is an at-the-money three-month put option, and P90OTM is an out-of-the-money three month put option. Q: Is the pound expected to appreciate or depreciate? A: Depreciate Q: What is the forward premium/discount on the pound? A: [pic] Q: What are the four alternatives to hedge a transaction exposure? A:1) Remain unhedged 2) Hedge in the forward market 3) Hedge in the money market 4) Hedge in the options market 1) Remain unhedged, collect ? 1,000,000 in three months at the new spot rate. pic] 2) Hedge in the forward market, collect ? 1,000,000 in three months at $1. 7540/?. [pic] 3) Hedge in the money market, borrow ? 975,610 today, and exchange for dollars at the current spot rate ($1. 7640/? ). Invest the $1,720,976 for 90 days, and in 90 days pay back the loan + interest with the ? 1,000,000. Q: To construct a money market hedge, how much should the investor borrow today if the annual interest rate is 10% and the company expects to receive ? 1,000,000 in 90 days? A: [pic] Q: At what investment rate is the money market hedge superior to the forward contract? A: [pic] pic] Note: Either the forward contract or the money market hedge is better than an uncovered position if the spot rate at time 2 is less than the forward rate. But, if the funds can be invested at anything above 7. 68% (or 1. 92% for 90 days) then the money market hedge is a better option than the forward contract. If the spot rate at time 2 is greater than what can be earned by investing the funds in the company (in this case the funds are invested in the company yielding the company’s WACC of 12% or $1,772,605) then the uncovered hedge would be superior. 4) Hedge in the options market.An at-the-money[1] (ATM) put option is selling for a 1. 5% premium. The cost of the option is (size of the option) x (premium) x (spot rate) = cost, in this case ? 1,000,000 x 0. 015 x $1. 7640 = $26 ,460. This is the maximum loss, while the maximum gain is the spot price – the cost of the option. [pic] To compare the alternatives, first estimate what you expect spot rates to be, then estimate a range of possible prices, and consider your ability to accept the downside. Then select the best strategy. Some Examples: [pic] Q: Transaction exposure arises from what? A: Sales and expenses that are already contracted for.Operating Exposure Operating Exposure (Economic Exposure, Competitive Exposure, Strategic Exposure) – measures a change in the present value of a firm resulting from any change in future expected operating cash flows caused by unexpected changes in exchange rates. Q: Operating Exposure depends on whether an unexpected change in exchange rates causes unanticipated changes in what? A: Sales volume, sales prices, or operating costs Figure 9. 1 Financial and Operating Cash Flows Between Parent and Subsidiary [pic] Q: What are four proactive ways to manage op erating exposure?A: 1) Matching currency cash flows 2) Risk-sharing agreements 3) Back-to-back or parallel loans 4) Currency swaps Note: Planning for operating exposure depends on the interaction of strategies in finance, marketing, purchasing, and production. Accounting (Translation) Exposure Accounting Exposure (Translation Exposure) – measures accounting-derived changes in owner’s equity as a result of translating foreign currency financial statements into a single reporting currency. Q: What are the financial goals of the multinational enterprise? A:1) To maximize consolidated after-tax income ) To minimize the firm’s effective global tax burden 3) To correct the positioning of the firm’s income, cash flows, and available funds. Note: These goals are frequently seen as inconsistent. Functional currency – the dominate currency used by the foreign subsidiary in its day-to-day operations. Q: What are the two basic methods for the translation of fo reign subsidiary financial statements? A: 1) The current rate method 2) The temporal method Current rate method – a method of translating the financial statements of foreign affiliates into the parent’s reporting currency.All assets and liabilities are translated at the current exchange rate. Temporal method – assumes that a number of individual line item assets such as inventory and net plant and equipment are restated regularly to reflect market value. Q: Which method is the most common worldwide? A: The current rate method Q: What are the advantages of the current rate method? A: 1) The variability of reported earnings due to translation gains or losses is eliminated, because the gain or loss on translation goes directly to a reserve account (rather than passing through the income statement). ) Does not distort balance sheet ratios such as the current ratio or debt-to-equity ratio (because the relative proportions of the individual balance sheet accounts rema in the same. Q: What is the disadvantage of the current rate method? A: 1) It violates the accounting principle of carrying balance sheet accounts at historical costs. Q: What is the advantage of the temporal method? A: 1) Foreign nonmonetary assets are carried at their original cost in the parent’s consolidated statement. Homework Problems Chapter 8 1.Imagine one of the companies from your final project is expecting an $80million payment in one year. The company also expects $20million in expenses in one year. Use real figures or the following: Current spot rate 3. 4x/$ (trend shows 3. 8x/$ two months ago) Interest rates are 14% in your country and 4% in the U. S. Forward contracts are too expensive Based on the current spot rate and relative interest rates, please advise your company on its currency exposure. Chapter 9 2. Imagine one of your companies will soon be exporting to China.Use the following (replace the $ equivalent with your currency at the current spot price): C urrent sales of 1,000,000 units per year at a price equivalent to $24 each. Current spot price Rmb8. 2/$, but the H. K. advisory will drop the value next week to Rmb10/$. Direct costs are 75% of the U. S. dollar sales price. Accepting this forecast, advise the company on two options: 1) Maintain the same renminbi price (i. e. no change in price) 2) Raise the price to offset the devaluation and experience a 10% drop in unit volume. A) What would be the short-run (one year) impact of each strategy?B) Which do you recommend? Optional Assignment: (0. 5 participation points) Prepare a write-up on the country you are doing for your final project. (Include GDP, inflation, major exports/imports, major stock exchange, currency, exchange rate, and anything else you find interesting and relevant)†¦ use sources like countryreports. org, cia. gov, etc. And remember to compare your country to something (i. e. the U. S. or another country in the region)†¦ Try to make everything you turn in look â€Å"professional,† imagine you're getting paid for your work.Please cite your sources throughout the report, and if you could e-mail it to me before next Monday, that's even better. Final Project These are two great sites to look at for your final project: globaledge. msu. edu www. world-exchanges. org ———————– [1] An at-the-money put, means that the strike price is equal to the current spot price†¦ Meaning an investor is indifferent between exercising the option or going to the market. In this case the forward rate is $1. 7540/? , and the option is $1. 75/? plus 1. 5% premium.

Cognitive Psychology Essay

Cognitive Psychology is the study of how people absorb, process and store information. It is considered as a discipline in dealing with other fields like science, philosophy and language. Perception, thinking, attention, memory, decision Making and Problem Solving ability are some factors that determine this field of psychology. This field serves as an aid in making educational curriculum and other software designs needed for learning. Studying this field focuses on human information processing.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Internal mental state is the focus of cognitive psychology. People who focuses on this field merely studies how to understand, trace and find cure to serious problems relating to mental health. There are 7 themes associated with Cognitive Psychology: Attention, Automatic and conscious processing, Data driven and conceptually driven processing, Knowledge representation, Metacognition, Unconscious processing and Levels of analysis in cognitive science (Pritchard, 2000).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   One discipline involved in this field is that cognitive psychology is said to be different from neuroscience because it discusses information processing at a software level. The primary method used is through experimentation on human subjects. Wilhelm Wundt is one remarkable cognitive psychologist who established his first laboratory in 1879. His study focuses on conscious experience (Pritchard, 2000). â€Å"Wundt did experiments involving introspection. Introspection is self-examination of the mind, or conscious experience. Wundt asked subjects to introspect about the feelings and sensations they had in response to a physical stimulus† (Pritchard, 2000). His perseverance on studying cognitive psychology made him consider this subject as a formal academic discipline.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Through further studies and continuous search for developing this field, Wundt was able to train another psychologist like him in the person of Edward Titchener. â€Å"Titchener tried to determine the contents of the mind further (Pritchard, 2000). Structuralism was discovered by him where he was able to determine the elements of thought and how those elements were   combined.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Another fundamental of cognitive psychology is Herman Ebbinghaus’ discovery during the late 19th century. â€Å"Ebbinghaus used nonsense syllables to study memory in a quantifiable manner. Nonsense syllables are CVCs, consonant- vowel-consonant trigrams. Ebbinghaus chose those as his subject matter, because he wanted to study memory in a pure form. Hence, he did not want to use items that already had some meaning attached to them. Ebbinghaus demonstrated effects of interference, practice time and forgetting† (Pritchard, 2000).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Another proponent is Edward Tolman who was famous because of his work that centered around animals who demonstrates behaviors based on expectations and internal factors. The importance of his study on cognitive psychology is about memorization. He made experiment on rats by putting them in a maze after they were trained. The rats reached the goal point without going to the learned place. This supported the notion that they had created a cognitive map.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Behavior on the other hand is relevant to cognitive psychology because this is where the processed information appears. The effect of consciousness is determined by the outcome through a person’s behavior. â€Å"Wundt and Titchener were aware of the subjectivity of consciousness, but they still believed that consciousness could be studied†(Pritchard, 2000). Behavior is said to be objective and not subjective. The universal laws of behavior can be determined through psychology because all living things are subject to experimentation of why they come up with such results.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cognitive psychology and behaviorism goes hand in hand because there are certain aspects that cannot be determined by one field alone. Behaviorism is seen through actions while cognitive deals with information processing. â€Å"Because of behaviorism’s emphasis on the observable there were some things that they just didn’t talk about. Memory, language, and other mental activities would not be discussed by behaviorists. At least they wouldn’t be discussed as we would discuss them, with reference to mental events and thoughts that are unobservable by other people. They tried to explain these phenomenon by constructing theories involving biological drives and habits† (Pritchard, 2000).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Although there are some arguments relating to behavior and cognitive psychology, since there are claims that Mental processes were considered habits that   were not connected to the brain, still Cognitive psychology diminishes the confusions as to why human come up with that action. There are interacting determinants between behavior and cognitive psychology. Through these field people learn that as a discipline, cognitive psychology is developed to bridge the gap between behaviorism and cognitive social psychology. Tracing the development of cognitive psychology, it developed mainly from Behavioral psychology because through observations and critical thinking, cognitive psychologist learn to investigate more about information processing. References Pritchard, Evan (2000) Attention and Memory Chapter 1 How Cognitive Psychology   Ã‚  Ã‚  Ã‚   Developed. An article about Cognitive Psychology from the winnipeg website.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Retrieved March 15, 2008 from: http://io.uwinnipeg.ca/~epritch1/amdvlop.htm